As reported in previous news items, the new Trusts Registration Service (TRS), which has been developed in response to the Fourth Money Laundering Directive, provides a single online route for trusts, and complex estates to comply with their registration obligations.
All trusts and estates with a tax liability must be registered with the HMRC trusts and estates online service by 5 October in the tax year after the estate was set up. In response to complaints that agents would not have enough time to comply with their obligations, the deadline for this year is being extended by two months.
The Trusts Register, launched in July 2017, provides a single point of access for trustees, personal representatives and their agents to register and update their records online, replacing the paper 41G (Trust) form and the ad hoc process for trustees to notify HMRC of changes in their circumstances.
The new trust register is being implemented in stages and initially only lead trustees or personal representatives are able to use the Trusts Registration Service (TRS). Agents will be able to register a new trust in early autumn 2017.
In order to allow more time for agents to meet their obligations, HMRC has announced a two-month extension to the deadline, as follows:
"In this first year of TRS, to allow sufficient time to complete the registration of a trust for self-assessment and provide beneficial ownership information there will be a two-month extension to the deadline. No penalty will be imposed where registration is completed after 5 October but before 5 December 2017.
More information on when and how they can use the Trusts Registration Service will be provided soon through the usual channels and on Gov.uk.
More details will be provided via the Trusts and Estates Newsletter which is due to be published on 14 September."
well isn't that charitable of them